Wang Shi, chairman of China Vanke Co, the country’s largest property developer by market value, said In the next five years, the world will see all of its top 10 real estate developers coming from China at the closing ceremony of China Entrepreneur’s Forum, held in Yabuli, Heilongjiang province.
Wang said it’s hard to make predictions on this year’s property market as there are many uncertainties, pointing out that a bubble is probable due to the large quantity of new money supply last year. But he said he is certain of an upward trend in the coming three years.
China Daily.com reported that as an industry leader, Wang’s comment is closely watched by the media and fellow developers. In 2007 he said that the peak of China’s property market had come and caused quite a controversy at the time.